Shares of WD-40 (NASDAQ: WDFC), a company with a portfolio of lubricating and cleaning products, jumped to 52-week highs on Tuesday after the company reported results for its fiscal third quarter of 2023. As of 10:40 a.m. ET, WD-40 stock was up a whopping 20%.

Third-quarter revenue was $141.7 million, right about what management expected. For evidence, consider that management merely affirmed its full-year guidance rather than raise it, suggesting third-quarter results were in line with its outlook.

While the top-line number was as expected, WD-40 did make important progress on the bottom line. As with many companies selling physical goods, inflation has challenged profitability. But in the quarter, gross-profit margin and earnings per share (EPS) continued normalizing to historical levels.

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Source Fool.com